HF 2714

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/08/2023 09:36am

A bill for an act
relating to taxation; individual income; temporarily reducing individual income
tax rates by one percentage point.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin GIVE IT BACK ACT OF 2023.
new text end

new text begin Subdivision 1. new text end

new text begin Short title. new text end

new text begin This section may be cited as the "Give it Back Act of 2023."
new text end

new text begin Subd. 2. new text end

new text begin Temporary individual income tax rate reduction. new text end

new text begin Notwithstanding any law
to the contrary, the individual income tax imposed under Minnesota Statutes, chapter 290,
must be computed by making the following substitutions in Minnesota Statutes, section
290.06, subdivision 2c:
new text end

new text begin (1) substituting 4.35 percent for 5.35 percent for all filing statuses;
new text end

new text begin (2) substituting 5.8 percent for 6.8 percent for all filing statuses;
new text end

new text begin (3) substituting 6.85 percent for 7.85 percent for all filing statuses; and
new text end

new text begin (4) substituting 8.85 percent for 9.85 percent for all filing statuses.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2022, and before January 1, 2025, only.
new text end